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No fireworks for FTSE as Biden inches closer to White House

by LLB Editor
5th Nov 20 11:47 am

After all the excitement of the US election and news of billions of pounds in fresh stimulus from the Bank of England there were few fireworks on the markets on Bonfire Night as the FTSE 100 ticked 0.2% higher to 5,895.88, says AJ Bell investment director Russ Mould.

“While uncertainty over the outcome of the US Presidential election remains, it appears challenger Joe Biden is in pole position having secured key swing state Michigan.

“Legal challenges from incumbent Donald Trump might delay the ultimate result but it appears we are inching towards a situation investors can live with.

“Likely Republican control of the Senate should put paid to increased corporate regulation and taxation while a new administration in the White House may well dial down tensions with other global superpowers on issues like trade.

“This certainly seemed to be the thinking in Asia overnight as Japanese and Chinese equities staged substantial rallies.

“Oil prices remain volatile though and gold is still above $1,900 suggesting there is still some nervousness over the febrile nature of the political situation across the Atlantic.”

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